One of Barbados most well-known realtors and property developers is contending that the next step of development for this highly competitive sector in Barbados is a redevelopment theme and this will offer new and exciting possibilities.
Paul Altman, Managing Director of Altman Real Estate Ltd asserts that given how the island’s real estate has developed over the last 20 years, the next step that presents the best opportunities for growth in the sector will come with redevelopment themes.
According to Altman who is now into developing his latest project, Limgrove on the island’s exclusive west coast, recognising the success of these themed developments and being aware of few new green field opportunities, one option currently presents itself as the best new way to expand both tourism and local development. The next wave must encompass a redevelopment theme and this will offer new and exciting possibilities.
Interestingly he pinpoints the areas which he believes are best suited for such development. He says, “The most likely areas to attract redevelopment are those linked to urban mixed-use opportunities. The time is ripe for Bridgetown, Speightstown, Holetown and Oistins to blossom.”
The real estate boss, notes that all the areas share one important common attraction – they are all waterfront. They also incorporate the greatest measures of Barbadian culture and historic architecture.
Furthermore he admits that of course, if lifestyle is factored into these towns, then numerous existing features promote the adage: “If you lived here you would be home now”. This would allow persons to “live”, “work” and “play” on location. Taking this to its ultimate level, under the heading of sustainability, it stands to reason that new development in Barbados must follow the route of so many other countries – “Urbanisation”.
A local marketing executive in the real estatemonths and identified them as evidence of foresight, commitment and confidence in Barbados at time when uncertainty looms internationally.
Kathy-Dawn Burke Director, Marketing & Franchising at Terra Caribbean in the November newsletter of the firm, points to the strong words of the Barbados National Anthem penned by Irving Burgie, “Upward and onward we shall go Inspired, exulting, free And greater will our nation grow In strength and unity.”
She indicates that developments which have been underway over the last year exemplify those words of the Barbados National Anthem that were written over forty years ago.
The last few months have brought mixed expectations on the performance of the fast approaching winter tourist season but the Terra executive says, “The winter is shaping up to be better than initially expected. The recently concluded World Travel Market in London has reaffirmed Barbados’ strength on the global market as a desired destination – projections seem positive for this season’s visitor arrivals.”
Burke who has been on the real estate scene in Barbados for a few years now, highlights one of this island’s premier developments stepping into a new season in its development. In the article which is entitled “Firm Craftsmen of our Fate” she notes, Apes Hill Club will launch its world-class 18-hole golf course on Wednesday, December 2nd, and it is expected to rival any of the best facilities globally. The course will then be open for members and their guests. The Garden Wall and Polo Villas are complete, on sale (starting at US$1.1m) and ready for occupancy. Lots are also available from US$440,000.
The new development “Moonshine Ridge” at Apes Hill Club is also on the Terra radar and it is explained by Burke that it has broken ground on their first multi-million dollar villa, which will serve as the show home and sales office for the project.
Meanwhile eyes are still on the progress at Sapphire Beach Condominiums on the popular Dover Beach in the South Coast and it she explains that will be at practical completion by early December and purchasers will have their apartments for the winter season.
She also highlights Somerley which is a mixed use property and houses the new Terra Headquarters on the South Coast. Of the fourteen residential units available there only four remain for sale.
Palm Beach Condominiums which have been highly anticipated is finishing up and getting ready for hand over to its purchasers. This project has done extremely well in attracting local investors during the off-plan and construction phase and at this stage there are only nine units remaining for sale.
On the commercial side of real estate, the Terra Executive noted that in Hastings on the South Coast the the final stages of work is being completed on the new Lanterns Shopping Mall, a first of its kind luxury retail offering. Tenants are expected to occupy their stores in early 2010. Additionally she also outlines the developments taking place with three new multi-level A-Class office buildings which are well under construction – Two in Warrens and the British American Insurance property in Collymore Rock which is set to be complete in the first quarter of 2010.
Burke also contends that commercial expansion also continues at the region’s oldest hotel, The Crane Resort in St.Philip with the opening of the new Town Centre including restaurants, lounges, a fitness centre and state-of-the-art conference facilities. Further development is continuing with the Park Residences and the properties are being sold as both fractional and whole ownership.
Further afield, she points to the East Coast of Barbados where renowned property of The Atlantis Hotel a wonderful restoration project set to be opened in December 2009.
It appears that amid speculation by investors about the start or progress of Harlequin resorts and property development in the Caribbean, progress is being made on at least one of the major multi-million dollar resort developments.
This comes with a development update being posted on the developers’ website about the multi-million dollar Buccament Bay in St. Vincent.
Recently it has been reported that UK investors in the property development are getting a bit worried about investments of £30,000 made in 2007.
In the update there are photos depicting work taking place on the site and it is dated 23rd November 2009. The developer explains that work on the site is still progressing at a very fast rate.Additionally it is stated that some of the apartment blocks and cabanas are continuing to take shape.
Meanwhile work on the highly anticipated marina has also started, which when completed will have 24 berths for cruising yachts and also the facility to accommodate yachts up to 250ft. The breakwater on the left hand side has been doubled in size and the one on the right hand side has been extended out. Work has begun on the new underwater reef, between the two breakwaters, which will to protect the beach area.
On the restaurant side of the property, the top part of the beach has been cleared but what may not be visible, due to the shade in the photo, is the markings out and the beginning of the digging of the foundations. This is where the beach restaurants and swimming pool etc will be located.
The block 2 with the roof on and is currently seeing that the scaffolding now and is up to the third floor. On the rear of this block, the scaffolding extends up to the fifth floor. The floors and bathroom walls have now been tiled throughout, windows and doors installed, and the balconies are in the final stages of being completed.
On the Cabanas front, holes have been dug and these indicate the footings for the final cabanas to be built in that area. In the last few months, extensive work has been carried out throughout all the cabanas with the roofs on, to the extent that tiling has been being completed and many are almost ready to have furniture installed.
In terms of the river, some land has been cleared in preparation for the final area of cabanas. Work has also been undertaken on river protection to protect the banks from high water flooding after rainstorms. Approximately 15m of land has also been reclaimed from the river as part of the river defences for the area.
